1987 On Oct 15, 4:21 pm, Gaar <[EMAIL PROTECTED]> wrote: > Let's not foprget that todays loss was something near 8% or so... > > In 1986 the one day loss was 27% or so. > > Pretty big difference. > > On Oct 15, 4:04 pm, "\"Lone Wolf\"" <[EMAIL PROTECTED]> wrote: > > > > > U.S. Stocks Drop Most Since Crash of 1987 on Recession Concerns > > > By Lynn Thomasson > > > Oct. 15 (Bloomberg) -- U.S. stocks plunged the most since the crash > > of 1987, hammered by the biggest drop in retail sales in three years > > and growing doubt that plans to bail out banks will keep the economic > > slump from deepening. > > > Exxon Mobil Corp. and Chevron Corp. tumbled more than 12 percent as > > oil fell below $75 a barrel on concern the slowing economy will hurt > > demand. Wal-Mart Stores Inc. retreated 8 percent after the Commerce > > Department said purchases at chain stores decreased 1.2 percent last > > month. Morgan Stanley lost 16 percent after Oppenheimer & Co. analyst > > Meredith Whitney said the government's bank rescue is not a > > ``panacea'' solution. > > > The Standard & Poor's 500 Index sank 90.17 points, or 9 percent, to > > 907.84, with nine companies declining more than 20 percent. The Dow > > Jones Industrial Average retreated 733.08, or 7.9 percent, to > > 8,577.91, its second-biggest point drop ever. The Nasdaq Composite > > Index lost 150.68, or 8.5 percent, to 1,628.33. About 37 stocks fell > > for each that rose on the New York Stock Exchange. > > > ``It's absolutely trading on fear right now and uncertainty, because > > nobody knows yet how bad the economy is going to get,'' said John > > Wilson, the co-director of equity strategy at Memphis, Tennessee-based > > Morgan Keegan, which manages $120 billion. ``It's disquieting to me, > > and I've been doing this for 35 years.'' > > > Rally Pared > > > The retreat over the past two days erased almost all of the gains in > > the S&P 500 and Dow on Oct. 13, when the market rallied the most since > > the 1930s on speculation the government's plan to shore up banks will > > ease the credit crisis. Efforts to calm financial markets probably > > won't result in an immediate economic rebound, Federal Reserve > > Chairman Ben S. Bernanke told the Economic Club of New York. > > > All 10 S&P 500 industries fell more than 6 percent today. About $1.1 > > trillion in value was erased from all U.S. equities. The declines came > > after the drop in retail sales was almost twice economists' estimates, > > sending Macy's Inc. and Dillard's Inc. down more than 15 percent. The > > Federal Reserve's index of New York manufacturing slumped to > > minus-24.6, a record low. The data overshadowed a retreat in money- > > market rates and better-than- estimated earnings reports from JPMorgan > > Chase & Co., Coca-Cola Co. and Intel Corp. > > > ``A big chunk of our economy is in recession right now,'' said Tom > > Wirth, senior investment officer at Chemung Canal Trust Co. in Elmira, > > New York, which manages $1.5 billion. ``There's fear the Christmas > > season is going to be miserable.'' > > > VIX Jumps > > > The VIX, as the Chicago Board Options Exchange Volatility Index is > > known, jumped 26 percent to 69.25 for the biggest gain in three weeks. > > The measure, known as Wall Street's ``fear gauge,'' has tripled since > > the beginning of September. > > > About 1.7 billion shares changed hands on the floor of the NYSE. The > > value of shares traded on the Big Board was $43.3 billion, the lowest > > since Oct. 3. > > > The S&P 500 lost more points on Sept. 29 when it fell 106.62, while > > its percentage decline of 8.8 percent was less than today's tumble. > > > Stocks in Europe and Asia fell for the first time in three days, > > helping push the MSCI World Index, a benchmark for 23 developed > > countries, to a 7.3 percent decline. Brazilian stock trading was > > briefly halted after the Bovespa index plunged 10 percent. The index > > closed down 13 percent after trading resumed. > > > Exxon Mobil, Chevron and ConocoPhillips, the three biggest U.S. oil > > companies, helped lead energy companies to the biggest retreat among > > 10 S&P 500 industries as crude fell below $75 a barrel for the first > > time in more than a year. The Organization of Petroleum Exporting > > Countries cut its 2009 demand forecast for a second month. > > > Lowest Level > > > The S&P 500 Energy Index, once the year's best performing industry > > group, retreated 15 percent today for its steepest lost since the > > gauge was created in 1989. It is down 49 percent from its peak in > > May. > > > Citigroup Inc. fell $2.39, 13 percent, to $16.23 and Morgan Stanley > > slid $3.54 to $18.13 after Oppenheimer's Whitney said the capital > > infusions from the Treasury are ``one large step in the right > > direction,'' though not a ``panacea.'' > > > ``We are at least several quarters away from stabilizing > > fundamentals,'' Whitney wrote in a note dated yesterday. ``Credit > > costs will continue to surprise on the upside and revenues will begin > > to surprise on the downside as companies will be forced to make money > > off of lower asset bases.'' > > > Visa Inc., MasterCard Inc. and American Express Co. had declines > > greater than 11 percent on concern consumers will charge less during > > the holiday season. > > > JPMorgan Erases Gain > > > JPMorgan erased earlier gains and fell 5.5 percent to $38.49 even > > after the largest U.S. bank by market value reported quarterly > > earnings that beat analysts' estimates. The company will set aside > > more money to cover loan losses as the lender braces for the economic > > slump to get ``a lot worse,'' Chief Executive Officer Jamie Dimon > > said. > > > Jones Apparel Group Inc. lost 30 percent to $9.51, the biggest drop in > > the S&P 500. The maker of Jones New York clothing and Nine West shoes > > forecast profit lower than its previous projection and S&P strongly > > recommended selling the stock. > > > Dell Inc. dropped 11 percent to $12.58. The world's second- largest > > personal-computer maker was cut to ``neutral'' from overweight by > > JPMorgan analyst Mark Moskowitz. The company gets about 60 percent of > > revenue from personal computers, which is a ``hurdle to achieving > > consistent growth,'' the analyst said. > > > EBay Inc. retreated 14 percent to $15.33. The largest Internet auction > > company was cut to ``underperform'' at Merrill Lynch & Co., which said > > it doesn't expect ``positive'' third- quarter results or fourth- > > quarter forecast. EBay reports earnings after the official close of > > U.S. exchanges today. > > > Coke Gains > > > Coca-Cola Co. climbed 1.1 percent to $44.21 for the only advance in > > the Dow average. The world's largest soft-drink maker posted third- > > quarter per-share profit that exceeded analysts' estimates by 8.1 > > percent on increased sales outside the U.S. > > > Genentech Inc. added 3 percent to $81.50. The largest U.S. maker of > > cancer drugs said third-quarter profit rose 6.7 percent as sales of > > tumor-fighting medicines beat analysts' estimates. > > > The S&P 500 fell yesterday as a worsening earnings outlook at PepsiCo > > Inc. and Microsoft Corp. overshadowed the $2 trillion global push to > > rescue the financial system. The U.S. is in a recession and the Fed's > > interest-rate stance is aimed at addressing the risks of a deeper > > slump, according to San Francisco Federal Reserve President Janet > > Yellen. > > > Weakening Economy > > > The economy deteriorated throughout the U.S. last month and pessimism > > about the outlook spread, the Federal Reserve said in its regional > > economic survey. Retailing, auto sales and tourism declined in > > ``most'' districts, while housing and construction ``weakened or > > remained low,'' according to the Beige Book report, published two > > weeks before officials meet to set interest rates. > > > Confidence in the global economy plunged in October after a deepening > > freeze in financial markets increased the chances of a recession, a > > survey of Bloomberg users on six continents showed. The Bloomberg > > Professional Global Confidence Index fell to 4 from 11.3 in September, > > the lowest since the survey began in November. > > > The latest chapter in the credit crisis came when Lehman Brothers > > Holdings Inc. filed the biggest bankruptcy in history on Sept. 15. The > > company's hedge-fund clients are now largely unable to access their > > Lehman accounts even as the value of the securities continues to > > fluctuate along with the markets. > > > Margin Calls > > > The investors may be required to put up more collateral if the value > > of those securities drops, a process known as a margin call, according > > to Steven Pearson, the partner at PricewaterhouseCoopers responsible > > for unraveling Lehman's U.K. operations. > > > Goldman Sachs Group Inc.'s Hedge Fund VIP Basket, an index of stocks > > with the most hedge-fund ownership, slumped 12 percent today. > > > Dollar money-market rates fell after the European Central Bank, Bank > > of England and Swiss National Bank offered lenders unlimited U.S. > > currency for the first time in a coordinated effort to unlock credit > > markets. Three-month dollar Libor slid 0.09 point to 4.55 percent. > > > BHP Billiton Ltd., the world's largest mining company, and Xstrata > > Plc, the fourth-biggest copper producer, lost more than 14 percent as > > copper, lead, tin and nickel prices slid on the London Metals > > Exchange. Posco, Asia's third-largest steelmaker, retreated 8.5 > > percent. > > > `Slowing Hard' > > > ``The rest of the world is slowing and slowing hard, and so that > > translates to basically being underweight the global cyclicals, which > > is energy and materials,'' Binky Chadha, the New York-based chief U.S. > > equity strategist at Deutsche Bank AG, said on Bloomberg Radio. > > > Merrill Lynch & Co., Honeywell International Inc., Citigroup Inc. and > > Google Inc. are among the S&P 500 companies slated to release earnings > > this week. > > > The S&P 500 has tumbled 38 percent in 2008 as losses and writedowns > > from mortgage-related investments at > > ... > > read more »- Hide quoted text - > > - Show quoted text - --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum
* Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more. -~----------~----~----~----~------~----~------~--~---
